German economy grew 0.9% in first quarter – institute

30 March 2011 18:58[Source: ICIS news]

TORONTO (ICIS)--?xml:namespace>Germany’s GDP grew by a “strong 0.9%” in the 2011 first quarter from the 2010 fourth quarter, as the Japan disaster had only a minor impact on Europe’s largest economy, a research institute forecast on Wednesday.

DIW, for its part, therefore did not fear that the Japan disaster could have broad negative effects on Germany’s economy, he added.

Germany’s government, in noting the DIW report, said the country’s economic prospects are favourable over the near- to mid-term.

Germany’s GDP is expected to grow 2.3% in 2011, according to the government’s forecast for the year. The increase would come after a 3.6% year-on-year growth in 2010 and a 4.7% decline in 2009 from 2008.

In Germany’s chemicals industry, production is forecast to grow 2.5% year on year in 2011. In 2010, chemical production increased 11% year on year, after declining 10% in 2009 from 2008.